ELECTRICITY MARKET

A

Orders

General Principles

  • Participants can submit orders in hourly for a specific period within the scope of the Intraday Market.
  • Orders consist of quantity and price information that may vary for different hours.
    • All submitted order prices have a sensitivity of 0.1 TL.
    • Orders are submitted in TL/MWh.
    • Order quantities are stated in Lot, with 1 Lot equivalent to 0.1 MWh.
  • Order status are classified as below
    • Active: An unmatched order waiting in the order book.
    • Passive: An order deactivated by the participant, which can be reactivated. Passive orders do not undergo transactions.
    • Canceled: An order canceled by the participant or the Market Operator.
    • Matched: An order that is matched.
  • Order detail statuses are classified as follows.
    • New (NE): Indicates that there is a new order entry. Only valid for order version 1.
    • Updated (UP): Indicates that the order has been updated.
    • All Matched (AM):Indicates that the order has fully matched
    • Partial Matched (PM): It indicates that the order is partially matched.
    • Passive (PA): It means that the order was recorded as Passive at the time of initial registration or was updated as Passive later.
    • Timeout (TO): It means that the order has been canceled due to timeout.
    • Canceled (CA): Indicates that the user has canceled the order.
    • Insufficient Collateral (IC): It means that the order has been canceled due to the organization’s insufficient collateral. Even if the organization’s collateral is sufficient, the order will not be activated until the next collateral control.
    • Participation Agreement Canceled (PAC): It indicates that the order has been canceled due to the cancellation of the organization’s market participation agreement. Even if the organization’s market participation agreement is activated again, the order will not be activated.
    • Objection Acceptance (OA): It means that the objection has been accepted.
  • The following situations arise in the priority of evaluation according to the changes made to the updated order:
  • Situations where order priority is lost:
    • If the order price changes (increase or decrease)
    • If the order quantity increases
    • If the order status is changed from passive to active
  • Situations where priority remains unchanged:
    • If the order quantity decreases
  • Orders submitted by a market participant can be updated, canceled, or made passive until 1 hour before physical delivery unless matched.
  • Participants will be shown the best orders among the hourly purchase and sales orders for the contracts in the order book. All orders within the relevant contract can be accessed from the “My Orders” section.
  • Orders are made on behalf of the organization by users registered by the organization.
  • Users registered on behalf of the organization; They can submit new orders, view and update orders submitted by different users under the same organization.
  • As for the matching, latest updates on orders will be taken into consideration.

Hourly Orders

Hourly orders are considered to be traded as divisible orders i.e. they can be matched partially or as a whole.

  • FoK (Fill or Kill): When the “FoK” option is selected in the hourly order book, the saved order is immediately executed or automatically canceled, and there is no partial execution. It does not appear in the order book. The order side, price, and quantity are entered into the system by specifying them.
  • IoC (Immediate or Cancel): When the “IoC” option is selected in the hourly order book, the saved order is immediately executed or automatically canceled. Orders can be partially executed; the non-executed quantity is automatically canceled. It does not appear in the order book. The order side, price, and quantity are entered into the system by specifying them.
  • Passive: When the “Passive” option is selected in the hourly order book and the order is saved, the order will not be executed or prioritized unless activated by the user. If the passive order is not activated until the contract closing time, it will expire.
  • Timed: When the “Timed” option is selected, the user determines the duration during which the order will remain active before the contract closing time. If the timed order is not matched within the specified period, the order is canceled. When this option is selected, a date and time selection screen will appear under the order entry pop-up. The expiration time for a timed order can be a minimum of 5 minutes after the earliest time the order is saved and a maximum of 5 minutes before the contract closure time.
  • Iceberg: An iceberg order is saved to the market by entering Total Quantity and Level Quantity. When the user selects the “Iceberg” option, the Level Quantity and Number of Levels fields appear at the bottom of the order entry pop-up. Level Quantity is the order quantity specified for each level, ranging from a minimum of 25 Lot to a maximum of 500 Lot. The maximum quantity to be entered for an iceberg order is 1,000 Lot. The Level Number is not determined by the user; it is determined by dividing the entered total quantity by the level quantity. In the iceberg order option, initially, the first-level order appears in the order book. After each order at each level in the order book is matched, subsequent-level orders appear in the order book until the entire order is matched. If any level of the iceberg order that remains active in the order book until the contract closing time is not matched, this level and subsequent levels are canceled.

Additionally, after iceberg orders are saved, they can be updated from the “My Orders” section with price and quantity information. In quantity updates, the quantity cannot be updated to be less than or equal to the initially entered level quantity. The price, however, can be updated as desired.

    • Price Leveled: When the “Price Leveled” order option is selected; the user submits 5 interconnected orders to the market at different price and quantity levels. It is ordered to the market with minimum 2 and maximum 5 levels. The minimum quantity that can be entered for each level is 1 Lot and there is no quantity limit between levels. While one level is active, the levels after this level are passive. You cannot skip a line between levels. When saving the purchase order, the price entered for each level must be equal to or lower than the price of the order at the previous level. An order with a price higher than the previous level cannot be entered. When saving a sales order, the price entered for each level must be equal to or higher than the price of the order at the previous level. An order with a price lower than the previous level cannot be entered. All levels are saved to the order book with the same order ID. The levels of the order are displayed from the icon in the Main Page – My Orders area. Each level is treated like a normal order, meaning the order saved first, prioritized. When moving from one level to another, the order priority order changes and the relevant level is prioritized as if it were currently saved. When an order that can be matched is received for a quantity higher than the quantity of a level, when moving to the next level, the next level will be prioritized as newly saved, and the matching will be made at the counter party’s order price. For price leveled orders, updates cannot be made after the order is saved.
    • Time Leveled: When the “Time Leveled” order option is selected; the user submits a fixed order quantity to the market at different prices to be updated over time. It is submitted to the market with minimum 2 and maximum 5 levels. The order quantity cannot be changed at any level. Orders with prices equal to levels cannot be saved. In purchase orders, the price entered for each level is higher than the price of the order at the previous level, and in sales orders, the price entered for each level is submitted lower than the price of the order at the previous level. As soon as the order is saved, the first level order becomes active. The order saving time (the moment the purchase/sell icon is pressed) becomes the first level time of that order. At the first level, there is no delivery day or time selection. There should be at least 15 minutes difference between each level. The final level time can be selected up to 5 minutes before the contract closure. An order cannot be submitted at the second level without submitting an order at the first level. If the entire order quantity is matched, the order will go into matched status and disappear from the order book. If the entire order does not match, the order price of the remaining quantity will be updated with the corresponding level price. For time-leveled orders, updates cannot be made after the order is saved.
    • The contract for the hourly order is PH23102920;

PH, the contract is an hourly order contract,

23-it belongs to the year 2023

10-It belongs to the month of October (10th month)

29-belongs to the 29th day of the relevant month

20-indicates that the time is 20:00.

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